FXCM Unit Agrees To Pay $14M To Settle Futures Suit

Law360, New York (October 3, 2011, 7:53 PM EDT) -- A unit of foreign exchange trading firm FXCM Inc. on Monday agreed to pay just over $14.2 million to settle claims brought by U.S. futures regulators that it failed to properly supervise the handling of thousands of customers' accounts, costing them millions of dollars.

Under an administrative order approved by the U.S. Commodity Futures Trading Commission, Forex Capital Markets LLC agreed to pay a $6 million civil monetary penalty to the CFTC plus more than $8.2 million in restitution to nearly 60,000 customers.

The CFTC alleged...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.